Massive layoffs in Virginia now mount prior to the holidays as businesses in the state announce thousands of job cuts by year’s end.
Under the Worker Adjustment and Retraining Notification (WARN) Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
“Disappointing news for employees at a Morgon Olson facility in Virginia, as they were notified they would be losing their jobs just days before Christmas,” reports Ash Jurberg.
“The business produces aluminum walk-in vans and opened a one million square feet production facility in Virginia in 2021.
Morgan Olson filed a WARN Act with the Virginia Employment Commission advising that 435 staff at a facility in Ringgold will be laid off on December 22.
The cuts are due to the current economic conditions and forecasts delaying orders of new vehicles.”
Morgon Olson’s filing states that the layoffs are permanent but hope to hire once business improvements allow for those steps again.
California still remains the #1 state with the most layoffs in the country.
In second place is Colorado, followed by Illinois, Texas, Washington, New York, New Jersey, Florida, Michigan, Massachusetts, and then Georgia.
The state of Virginia has laid off close to 4,000 people this year with 45 businesses filing WARN notices.
Below are the latest business who have recently laid off or advised of upcoming job cuts in Virginia this year.
- Morgon Olson. 435 job cuts by 12/22.
- Parkdale. 326 job cuts in 10/09.
- NE Virginia Emergency Physicians, LLC. 137 job cuts by 12/31.
- Portfolio Recovery Associates, LLC (PRA Group Inc.). 123 job cuts in 10/20.
- Walmart. 98 job cuts in 10/06.
- CVS Health Corporation. 43 job cuts in 10/21.
- Thriveworks. 3 job cuts by 11/30.
Also Read: Massive Layoffs in Arizona Now Claim The Jobs of Thousands
Other Economy News Today
A popular mall retailer is now at high risk of bankruptcy as the company’s sales continue to drop and debt mounts.
Express is an American multi-fashion retailer known for its high quality apparel and rather high-priced items.
“Over the last few months, speculation has been mounting about apparel retailer Express’ financial state.
While some might speculate that one big thing has caused the retailer’s failure, that’s just not how bankruptcies work.
Several things have been going wrong over a prolonged period,” says Matthew Debbage, Creditsafe CEO of the Americas and Asia.
According to Creditsafe data, 35% of the company’s owed payments are past due, which amounts to over $3 million.
“On top of this, Creditsafe data reveals that the value of these late payments is well over $3 million.
While this might not seem like a big chunk of money compared to Express’ annual revenue, the fact that the retailer’s DBT (Days Beyond Terms) has increased consistently for the last six months indicates that its cash reserves are likely low, which will only drop even lower if sales continue to decline, operating costs keep rising and its debt load grows,” he continued.
“When you combine all these factors, I can see why some analysts are speculating that the company could be at high risk of bankruptcy.”
Debbage believes the company should be taking steps to prepare for a Chapter 11 filing (even if it ends up not needing one).
This will essentially help the company restructure its financials to keep its operations going.
“What Express needs to be thinking about right now is how it can cut operating expenses with a recession looming and consumer spending expected to drop significantly,” he wrote.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Become a Sponsor for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
About The Author
Why don’t you do something to change the right to work law. It is terrible that an employer can cut your hours or fire you for no reason. Change that law!
This has been standard practice for decades regardless of who’s in office state or federal.
Leave your thoughts below.